Gulf General narrows accumulated losses to 15.6% of capital

Gulf General Cooperative Insurance Co. (Gulf General) said its accumulated losses decreased to 15.64% of the capital as of June 30, 2020, amounting to SAR 31.274 million, it said in a bourse statement.

The company attributed the decline in accumulated losses to an improvement in the performance of insurance portfolio in general (especially the medical and auto insurance portfolios).

Early in July, the insurer said that motor insurance policies sales could increase following the General Department of Traffic’s (GDT) announcement on completion of the automatic linking of motor insurance procedures in its records at the National Information Center. According to data compiled by Argaam, Gulf General reported net profit before Zakat of SAR 14.5 million for the first half of 2020, a two-fold increase year-on-year (YoY), driven by 30% higher gross written premiums.